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GUIDELINES ON PREPARING FINANCIAL STATEMENT
OF LIFE INSURANCE COMPANY
I. GENERAL
1. These financial statements are made specifically for the purpose of providing
guidance and supervision of insurance business. Thus, the form, content, and
structure of financial statements are prepared in accordance with prevailing
regulations in insurance business (Statutory Accounting Practices / SAP) as
stipulated in the Ministerial Regulation of Minister of Finance No. 53 of 2012 and
its implementing regulations.
2. Content and structure of the Life Insurance Company Financial Statements are as
follows:
A. Key Financial Statement consisting of:
1) Statement of Financial Position of Life Insurance Company
2) Comprehensive Profit/Loss Statement of Life Insurance Company
3) Cash Flow Statement of Life Insurance Company
4) Statement of Changes in Equity of Life Insurance Company
5) Report of Solvency Level of Life Insurance Company:
a) Solvency Ratio Attained
b) Minimum Risk-Based Capital § Schedule A - Asset Mismanagement Risk
§ Schedule B - Mismatch between Projected Flow of Asset and
Liabilities Risk
§ Schedule C – Mismatch between Values of Asset and Liabilities in
Foreign Currencies Risk
§ Schedule D –Insurance Liability Risk
§ Schedule E –Interest Rate Risk
§ Schedule F –Reinsurance Risk
§ Schedule G – Operational Risk
6) Calculation of SAP Assets and Liabilities in Life Insurance Company
a) Sub A - Investment Placement Not In An Entity
b) Sub B - Investment Placement in Entity Affiliated with the Company
c) Sub C - Investment Placement in Entity Unaffiliated with the Company
d) Sub D - Investment Placement Overseas
e) Sub E – List of Affiliated Companies
7) Details of Financial Statement of Life Insurance Company
B. Additional Financial Statement, consisting of:
1) Guarantee Fund Statement in Life Insurance Company
a) Summary and Calculation of Guarantee Fund Adequacy
b) Details of End Position of Guarantee Fund
2) Financial Soundness Ratio other than MMBR
3) Training and Education Cost Ratio
4) Matching of Assets and Liabilities
5) Details of Premium Revenue and Claim Expenses based on Distribution
Channel
3. The form, content, and structure of financial statements shall be used both for
quarterly and annual financial statements.
4. For Life Insurance Company that does not meet the solvency criteria, the format,
content, and structure of financial statement shall be the same with the format,
content, and structure of quarterly financial statement.
5. For Companies that do not meet the solvency level, in addition to submit a report on
the Financial Restructuring as referred to in point 4, financial restructuring plan and
measures should be enclosed.
6. The key financial statements are presented sequentially for the two periods, i.e. the
current year period and the previous period. For the quarterly report, which referred
to the previous period, is the same period in the previous year. For example, to report
second quarter of 2013, the current period is the second quarter of 2013, while the
previous period was the second quarter of 2012. As for the annual report, which
referred to the previous period, is a period before the current period, for example, to
report in 2013, the current period was in 2013, while the previous period is the year
2012.
7. If there are rows or columns to be filled, but the value is 0 (zero) or none, then write
down 0 (zero).
8. Figures in the all format of financial statements shall be written in millions of rupiah
with two (2) decimal digits after the decimal point.
9. Negative numbers shall be marked in parentheses (xxxx).
10. Admitted Assets, hereinafter referred to as AYD, are permitted assets that are
measured to calculate solvency margin as referred to in the legislation in insurance.
11. Unearned Premiums Reserves, hereinafter abbreviated CAPYBMP, is a fund that
should be established to describe the part of insurance premiums period that has not
been completed.
12. Life Insurance Company (the Company) is the insurance company as defined in the
laws on insurance business.
13. Others
a. The company’s name must be written clearly on each title format. On the front
page (cover) the name and address of the General Insurance / Reinsurance
Company must be provided on the line available (XYZ in PT XYZ refers to the
name of the company).
b. The period of quarterly and annual financial statements shall be specified in
accordance with the ending date of the period reported. For example, report of
second quarter of 2013 is specified As Per June 30, 2013, while report of the year
2013 is specified As Per December 31, 2013.
c. If the company adds details pages, the pages are to be numbered a, b, and so on.
For example, Details 101 consists of two pages, then the first page shall be
numbered page 21a and continue to 21b, and so on.
d. Financial statements must be signed by at least one director and be presented in
company profile (page ii).
e. Company statement must be signed by at least one director representing the
company's directors.
f. Form, content, and structure of the financial statements can not be changed,
unless otherwise stated in the notes that are available in each forms. If the
number of lines or pages provided are not sufficient then the company can add
as needed.
g. In all forms, some important notes are placed to provide guidance on how to fill
out the form.
h. The financial statements cover page for General Insurance Company/
Reinsurance Company shall be red.
14. The flow chart on how to complete the financial statement format to calculate the
solvency level is as follows:
II. KEY FINANCIAL STATEMENTS
1. Statement of Financial Position
Statement of Financial Position consists of Statements of Financial Position prepared
under Financial Accounting Standards (SAK) and Statutory Accounting Practice (SAP)
which are presented together with the Statement of Financial Position for the previous
period as a comparison. Accounts in the Statement of Financial Position are filled out
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Y e s !
Y e s !
S t a r t !
D e t a i l s !
1 0 1 . 2 0 9 !
D e t a i l s !
3 0 1 . 4 0 3 !
D e t a i l s !
5 0 1 . 5 0 6 !
R i s k . b a s e d !
M i n i m u m !
C a p i t a l !
S c h e d u l e ! A . H !
D e t a i l s !
1 0 1 . 1 1 6 !
S u b ! D !
S u b ! B !
A f f i l i a t i o n !
w i t h !
C o m p a n y !
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S u b ! C !
N o !
A f f i l i a t i o n !
w i t h !
C o m p a n y !
S u b ! E !
L i s t ! o f !
A f f i l i a t e d !
C o m p a n i e s !
S u b ! A !
S A P ! C a l c u l a t i o n ! o f ! A s s e t !
a n d ! L i a b i l i t y !
S A P ! A s s e t ! C a l c u l a t i o n !
S A P ! C a l c u l a t i o n ! o f ! A s s e t !
a n d ! L i a b i l i t y !
S A P ! L i a b i l i t y ! C a l c u l a t i o n !
S A P ! S t a t e m e n t ! o f ! F i n a n c i a l !
P o s i t i o n !
( P a g e ! 1 , ! C o l u m n ! 5 ) !
R e p o r t ! o n ! S o l v e n c y ! L e v e l !
( P a g e ! 5 ) !
C o m p r e h e n s i v e !
P r o f i t / L o s s !
C a l c u l a t i o n !
I n v e s t m e n t !
i n ! !
O n e ! E n t i t y !
O v e r s e a s !
i n v e s t m e n t !
N o !
N o !
based on the accounts listed in Details 101 up to 404.
a. SAK Statement of Financial Position
Accounts in this Statement of Financial Position has been reclassified in line with the
purposes, so that accounts should not be the same as the accounts in SAK statement.
The purpose of including SAK Statement of Financial Position is to provide
comparable figure for the accounts of SAP Statement of Financial Position, especially
for assets, making it easier for analysts to perform their analysis.
b. SAP Statement of Financial Position
The assets included in the SAP Statement of Financial Position are the AYD
(Admitted Asset), and accounts are filled out based on the accounts in Details 101 up
to 209. The amount of AYD for each type of asset is calculated based on the
applicable regulations. The AYD in this report (column (4)) is then entered into the
Report of Solvency Level - Solvency Ratio (column (2)) on AYD line.
Liabilities in the SAP Statement of Financial Position shall be filled out with accounts
listed in Details 301-402. The amount of liability in this report (column (4)) is entered
into the Report of Solvency Level - Solvency Ratio (column (2)) on Liabilities line.
For equity, accounts shall be adjusted as possible to the format provided. "Difference
of Value in SAK and SAP " account shall be filled out based on the amount in the
SAP Assets and Liabilities Calculation – Difference in SAK and SAP Valuation,
whereas “Non-admitted Assets” account is filled out according to the amount on SAP
Assets and Liabilities Calculation - I. SAP Asset Calculation column (5)
Difference in SAK and SAP Valuation may arise because of differences in the
valuation of assets and liabilities based on SAK and SAP. Asset valuation differences
between SAK and SAP arise because of differences in the recognition of asset value.
In general, SAP recognizes the asset at fair value whereas SAK recognizes an asset at
historical cost. For liabilities, difference may arise because SAK provide some choices
in the method to calculate technical reserves, which enables the Company to choose
SAK calculation method that is different from the calculation of technical reserves as
stipulated in the legislation.
In the event of any discrepancy between the SAP and SAK valuation of assets and
liabilities, the difference may increase or decrease SAP equity. Differences may occur
because SAP valuation of assets generally generates a greater amount of value than the
SAK valuation of assets, which consequently increase SAP equity. For liabilities, in
general, the Company will use SAP valuation that can provide a smaller value than
SAK liability valuation, which consequently increase SAP equity.
Whereas Non-admitted Assets may arise because of limitation in recognition of the
Company's assets so that not all assets recognized under SAK can be recognized as
asset based on SAP. Thus, the non-recognition of these assets would reduce SAP
equity.
Presentation of reinsurance assets in the Statement of Financial Position is presented
as asset that forms part of the AYD reinsurance receivables and are included as
admitted asset in the calculation of financial soundness. Reinsurance asset value
consists of:
§ The value of reinsurance assets on liability for future policy benefits is
determined consistently with the approach used in determining the liability for
future policy benefits, based on the terms and conditions of the reinsurance
contract.
§ The value of reinsurance assets on unearned premiums is determined
consistently with the approach used in determining the unearned premiums,
based on the terms and conditions of the reinsurance contract.
§ The value of reinsurance asset on estimated liabilities claims is determined
consistently with the approach used in determining the estimated liability
claims, based on the terms and conditions of the reinsurance contract.
2. Comprehensive Profit/Loss Statement
The columns in this report are filled out based on the numbers listed on Details 501-
506. SAP Comprehensive Profit/Loss Statement may be different from SAK
Comprehensive Profit/Loss Statement due to the different treatment of recognition
(technical reserves expense) and differences in the classification of accounts.
Classification of accounts for SAP reports is adapted to the existing provisions. Thus
the final result of the Comprehensive Profit / Loss (i.e. profit or loss) may differ
between SAP report and SAK report.
Comprehensive Profit/Loss Statement presented is the profit/loss statement for the
Comprehensive Statement from the start of accounting year up to the reporting date
(cumulatively). For example, for report of second quarter 2013, the income recorded
is the income earned since 1 January 2013 to 30 June 2013.
Increase (Decrease) of Premium Reserve, CAPYBMP (Unearned Premium Reserve)
and Decrease (Increase) of Claims Reserves in Comprehensive Profit/Loss Statement
is presented based on Details 501 and Details 504.
The component used to determine Gross Premium in this report is the gross premium
as referred to in Government Regulation No. 73 of 1992 concerning Insurance
Business as amended by Government Regulation No. 63 of 1999.
3. Cash Flow Statement
Statement of Cash Flows in this report is based on information filled in the space
provided in the format. Cash and bank closing balance in item number 45 at the end
of previous period (annually, quarterly and monthly) shall be the opening balance in
item number 1 for the current period. Cash and bank closing balance at the end of this
report should be equal to the amount of cash and bank in the Statement of Financial
Position.
4. Statement of Changes of Equity
Changes in equity consist of SAK and SAP equity. To fill out SAP statement of
changes in equity, the company must first fill out SAK statement of changes in
equity.
SAP Statement of Changes in Equity is a reconciliation of SAK Equity Reports into
SAP Equity report. Two of SAP equity components that are not equity components
under SAK, "Difference in SAK and SAP Valuation" and "Non-admitted Assets", are
two important components that affect the result of the reconciliation. Both
components are filled out in the SAP Statement of Changes in Equity only in the
amount of difference between the current period and previous period. Figures filled
into SAP Statement of Changes in Equity is an increase or decrease of "Difference in
SAK and SAP Valuation" and "Non-admitted Asset" as provided in column (5) and
column (7) of the Statement of Financial Position.
Example:
a. If the "Difference of SAK and SAP Valuation" listed in Statement of Financial
Position amounted to Rp 1,200 million in the first quarter of 2013 and Rp 1,000
million in the fourth quarter of 2012, the "Increase (Decrease) of Difference of
SAK and SAP Valuation" is Rp 200 million.
b. If the "Non-admitted Assets" in the Statement of Financial Position amounted to
Rp 5,600 million for the first quarter of 2013 and amounted to Rp 4,000 million
the fourth quarter of 2012, the "(Increase) Decrease of Non-admitted Assets" is
equal to (Rp 1,600) million.
5. Report of Solvency Level
Report of Solvency Level in this statement includes:
a. Solvency Ratio
The Company must meet minimum solvency level of 120% of minimum risk-
based capital as defined in the Regulation of the Minister of Finance No.
53/PMK.010/2012. The solvency referred consists of AYD and liabilities (except
subordinated loans).
Total AYD (column (3)) shall be equal to the amount of assets in the Statement of
Financial Position (column (5) – SAP Balance). Total liabilities (column (3)) shall
be equal to the amount of liabilities in the Statement of Financial Position (column
(5) - SAP Balance).
b. Minimum Risk-Based Capital
Instruction to fill in the Schedules in Financial Statements of Non-Life Insurance
Company/Reinsurance Company is as follows:
Schedule A: The total AYD (column (2)) shall be equal to the amount of assets in
SAP Statement of Financial Position (column (4)).
If the company has balanced mutual funds, then the sample
calculation of weighted average is as follows:
Securities Portfolio Composition Factor Average
Government bonds 40% 0% 0%
Corporate bonds 40% 6% 2.4%
Equity securities 20% 16% 3.2%
The weighted average of each security is the result from
multiplying the composition of each security with risk factors. In
the example above, the weighted average of balanced funds is the
sum of the weighted average securities portfolio, which is 5.6%.
Schedule B: The columns in this schedule are filled with the value of AYD and
liabilities based on book value in the Statement of Financial
Position that are grouped by maturity. AYD in the form of
securities traded and valued at market value (e.g. shares) are
classified as assets maturing in less than 1 (one) year. While the
AYD intended to be held to maturity are classified in accordance
with the remaining life.
Schedule C: Total AYD in line 14 column total (3) to (11) must be equal to the
amount of assets in SAP Statement of Financial Position, as well as
liability in line 22 total column (3) to (11) must be equal to the
amount of liabilities in the Statement of Financial Position
(excluding subordinated loans).
Schedule D: The columns in this schedule are filled in accordance with the
instructions provided in the format.
Schedule E: The columns in this schedule are filled in accordance with the
instructions provided in the format.
Schedule F: The columns in this schedule are filled in accordance with the
instructions provided in the format. If companies do not have a
deposit or retained premiums (column (4)), this column is filled
with 0 (zero).
Schedule G: General and administrative expenses as well as training and
education expense are filled with those expenses within a year. For
quarterly reports, general and administrative expenses as well as
the training and education expenses are filled with those expenses
in the last four (4) quarters. For example, for the first quarter of
2013, general expenses and administration is filled with a total
expense of the second quarter of 2012, the third quarter of 2012,
fourth quarter of 2012, and the first quarter of 2013. The same
applies for training and education expense.
6. SAP Assets and Liabilities Calculation
a. SAP Asset Calculation
Columns in SAP Asset Calculation (page 12) are filled in according to the
following guidelines:
Column 3: filled in accordance with what is stated in the details of each asset to the
total balance in general ledger (SAK).
Column 4: filled in accordance with the basis of valuation as stipulated in Minister
of Finance Regulation No. 53 of 2012.
Column 5: is the difference between column (4) and column (3).
Column 6: filled with the amount of non-admitted assets as contained in each
Detail (101 up to 209), especially for accounts on other investment,
other fixed assets and other assets.
Column 7: filled from total AYD contained in each Detail (Details 101 up to 209).
For cash and bank, the amount should be equal to the amount of
closing balance of the Cash Flow Statement.
Difference of amount between SAK and SAP Valuation (column (5)) is an
increase or decrease of equity of SAP Statements of Financial Position as
explained earlier in the Statement of Changes in Equity. The extra margin of the
valuation of assets based on SAK and SAP is an increase SAP equity, while lesser
margin of the valuation of assets based on SAK and SAP is a decrease of SAP
equity.
b. SAP Liabilities Calculation
Columns in SAP Liabilities Calculation are filled in according to the following
guidelines:
Column 3: filled in accordance with what is stated in each detail of liability for the
balance in general ledger (SAK).
Column 4: filled in accordance with what is stated in each detail of liability under
SAP valuation.
Column 5: filled based on the difference between SAK and SAP valuation
contained in each detail of liability (if there are differences between
SAK and SAP valuation).
The extra margin of SAP liability valuation based on SAK is a decrease in SAP
equity, while less margin of SAP liability valuation on SAK is an increase in SAP
equity.
c. Difference between SAK and SAP Valuation
The Difference between SAK and SAP Valuation used in preparing SAP
Statement of Financial Position is the net difference in the difference between the
valuation of assets and liabilities. This figure is then transferred to column (4) in
the statement of financial position in the account on difference between SAK and
SAP valuation.
d. Sub-Sections
Asset calculation form has 5 (five) sub-sections, namely:
1) Sub A, Investment Placement Not in An Entity
The columns in the Sub A are filled out when the Company placed an
investment in companies that are not affiliated either with company or non-
Company
2) Sub B, Investments Placement in Entity Affiliated with the Company
The columns in the sub-B are filled in if the company placed investment in
companies that are part of an affiliated group in which the Company is a part
of. Investment in the companies mentioned shall be maximum 10% (ten
percent) of the total investment.
3) Sub C, Investments Placement in Entities Unaffiliated with the Company
The columns in Sub C are filled in if the company placed investment in
companies that are part of an affiliated group, in which the Company is not a
part of. Investment in the companies mentioned shall be maximum 20%
(twenty percent) of the total investment.
4) Sub-D, Investment Placement Overseas
The columns in the Sub-D are filled when the Company placed investment in
countries other than the Republic of Indonesia.
5) Sub E, List of Affiliated Companies
The columns in the Sub E are filled in accordance with the information
provided in the format. The relationship of ownership (column (3)) is filled by
specifying the Company's position in the affiliated group. For example, as
subsidiary, parent company, and so on.
7. Details
7.1. Details 101
For this details the following conditions apply:
• Column (3) is filled with the bank's ratings. For banks that issue bonds,
bank ratings may refer to the rating issued by agencies listed in the
Financial Services Authority (Pefindo, Fitch Indonesia and ICRA
Indonesia). If the bank does not issue bonds and are not listed on the rating
agency indicated, this column does not need to be filled.
• Column (4) is filled with the clusters corresponding to the rank in column
(3). If the column (3) is empty, then this column is filled with the largest
cluster (cluster 5).
• The figures in column (7) is transferred to Details 601
• Column (8) is filled as follows:
1) If there is a placement of more than one type of investment
in a company, this column is filled by specifying the other
types of investment, such as "shares".
2) When this type of investment in the details is placed on
affiliated company, this column is filled with "Name of
Affiliated Group".
7.2. Details 102
For this details the following conditions apply:
• Column (3) filled as follows:
1. LQ45 or JII, in accordance with the category of shares.
2. Other than LQ45 and JII.
3. Foreign market.
• The figures in column (6) is transferred to Details 601
• Column (7) is filled as follows:
1. If there is a placement of more than one type of investment in a
company, this column is filled by specifying the other types of
investment, such as "corporate bonds".
2. When this type of investment in the details is placed on affiliated
company, this column is filled with "Name of Affiliated Group".
3. When this type of investment in the details is placed overseas, this
column is filled with "Overseas" and their total value is transferred to sub
D.
7.3. Details 103
For this details the following conditions apply:
• Column (3) filled with the rating of corporate bonds and sukuk issued by
rating agencies registered in the Financial Services Authority (Pefindo, Fitch
Indonesia and ICRA Indonesia) or who have international reputation
(Standard & Poor's, Moody's, AM Best, Fitch and ICRA).
• Column (4) is filled with clusters corresponding to column (3).
• The figure in column (8) is transferred to Details 601
• Column (9) is filled as follows:
1. If there is a placement of more than one type of investment in a company,
this column is filled by specifying the other types of investment, such as
"shares".
2. When this type of investment in the details is placed on affiliated
company, this column is filled with "Name of Affiliated Group".
3. When this type of investment in the details is placed overseas, this
column is filled with "Overseas" and their total value is transferred to sub
D.
7.4. Details 104
• The columns in this Details are filled in accordance with the information
provided in the format.
• The figure in in column (6) is transferred to details 601
7.5. Details 105
• Column (3) is filled with a rating of investment instruments based on agency
that has international reputation (Standard & Poor's, Moody's, AM Best,
Fitch, and ICRA). The total value of these instruments is transferred to sub
D.
• Column (4) is filled with cluster corresponding to column (2).
• The figure in in column (8) is transferred to details 601
7.6. Details 106
• The columns in these details are filled in accordance with the information
provided in the format
• The figure in column (6) is transferred to details 601
7.7. Details 107
• The columns in these details are filled in accordance with the information
provided in the format and the total value of these instruments is transferred
to sub D.
• The figure in column (6) is transferred to details 601
7.8. Details 108
For this details the following conditions apply:
• Determination of categories of grouping for mutual funds should be based on
the actual composition of mutual fund investments on the reporting date of
the Statement of Financial Position, instead of the composition of
investments in the prospectus.
• A mutual fund is fully called as government bonds if 90% or more of the
composition of mutual fund investments are placed in government bonds. If
placement in one type of investment is less than 90%, the funds are grouped
as balanced funds. This applies also to the placement in other categories of
mutual funds.
• The figure in column (6) is transferred to details 601
• Column (7) filled as follows:
1. If there is a placement of more than one type of investment in a company,
this column is filled by specifying the other types of investment, such as
"shares".
2. When this type of investment in the details is placed on affiliated
company, this column is filled with "Name of Affiliated Group".
3. When this type of investment in the details is placed overseas, this column
is filled with "Overseas" and their total value is transferred to sub D.
7.9. Details 109
For this details the following conditions apply:
• Column (3) is filled with a rating of investment instruments.
• Column (4) is filled with clusters corresponding to the column (3).
• The figure in column (8) is transferred to details 601
• Column (9) is filled as follows:
1. If there is a placement of more than one type of investment in a company,
this column is filled by specifying the other types of investment, such as
"shares".
2. When this type of investment in the details is placed on affiliated
company, this column is filled with "Name of Affiliated Group".
7.10 Details 110
For this details the following conditions apply:
• Column (3) filled with a rating of investment instruments.
• Column (4) is filled with clusters corresponding to the column (3).
• The figure in column (8) is transferred to details 601
• Column (9) is filled as follows:
1. If there is a placement of more than one type of investment in a company,
this column is filled by specifying the other types of investment, such as
"shares".
2. When this type of investment in the details is placed on affiliated
company, this column is filled with "Name of Affiliated Group".
7.11 Details 111
For this details the following conditions apply:
• For Column (7), the total maximum value is 10% (ten percent) of total
investment.
• Column (8) is filled as follows:
1. If there is a placement of more than one type of investment in a company,
this column is filled by specifying the other types of investment, such as
"shares".
2. When this type of investment in the details is placed on affiliated
company, this column is filled with "Name of Affiliated Group".
3. When this type of investment in the details is placed overseas, this column
is filled with "Overseas" and their total value is transferred to sub D.
7.12 Details 112
For this details the following conditions apply:
• Category of buildings with the strata-title rights or land with buildings as an
investment or own-use shall be determined by the company, noting that the
building with the strata-title right or land with buildings can be categorized as
investments when they can deliver gains (rent) to the company.
• Column (2) is filled by specifying the city (DATI II) in which the building
with strata-title rights or land with building are located.
• The figure in column (3) is transferred to details 601
• Column (4) is filled using the value set by the appraisal agencies registered
with the authorities, or the latest taxable value (NJOP) in the case there is no
assessment by appraisal agencies
• Column (5) represents the difference between column (3) and column (4) for
each unit.
• Line No. IV (AYD) will be equal to total (I + II + III) if the total value (I + II
+ III) is less than or equal to 10% of the total investment.
7.13 Details 113
For this details the following conditions apply:
• Column (3) is filled with the license number of financing company and / or
bank.
• The figure in column (4) is transferred to details 601
• Column (8) is filled as follows:
1. If there is a placement of more than one type of investment in a company,
this column is filled by specifying the other types of investment, such as
"shares".
2. When this type of investment in the details is placed on affiliated
company, this column is filled with "Name of Affiliated Group".
7.14 Details114
For this details the following conditions apply:
• This type of investment is in the form of gold bullion.
• Column (3) filled in accordance with the quantity of ownership. For example,
the Company has 10 kg gold bars; the column (3) is filled: 25 pieces/100gr,
10 pieces/250gr, 50 pieces/100gr
• The columns on these details are filled in accordance with the information
provided in the format.
• The figure in column (6) is transferred to details 601
7.15 Details 115
• The columns on these details are filled in accordance with the information
provided in the format.
• The figure in column (8) is transferred to details 601
7.16 Details 116
The columns on these details are filled in if the Company has investments other
than those that have already been mentioned above.
7.17 Details 201
For this details the following conditions apply:
• For details of the debtor, the debtor's to be detailed are those that owe the
company as much as 5% or more of the total value of premiums receivable.
Debtor that owe less than 5% of the total value of premiums receivables will
be categorized in "Other/Miscellaneous".
• For the category of debtors as "Insurance Broker", the total premium
receivable to the brokerage firm is filled out, so that the debtor name listed is
the name of the brokerage firm.
• The figure in column (5) may be greater than the figure in column (4),
considering receivable that can be inserted into the column (4) has a lifespan
that is shorter than those in column (5). Further, the figure in column (5) is
then transferred to details 601.
7.18 Details 202
For this details the following conditions apply:
• For details of the debtor, the debtor's to be detailed are those that owe the
company as much as 5% or more of the total coinsurance claim receivable.
Debtor that owe less than 5% of the total value of coinsurance claim
receivable will be categorized in "Other/Miscellaneous".
• Column (3) filled with a rating of debtors.
• Column (4) is filled with clusters corresponding to column (3).
• The figure in column (7) may be greater than the figure in the column (6),
considering receivable that can be inserted into the column (6) has a lifespan
that is shorter than those in column (7). Further, the figure in column (7) is
then transferred to details 601.
7.19 Details 203
For this details the following conditions apply:
• For details of the debtor, the debtor's to be detailed are those that owe the
company as much as 5% or more of the total reinsurance receivable. Debtor
that owes less than 5% of the total value of reinsurance receivable will be
categorized in "Other/Miscellaneous”.
• Reinsurance assets are part of the reinsurance receivable and included in
AYD.
• Column (3) filled with a rating of debtors.
• Column (4) is filled with clusters corresponding to column (3).
• The figure in column (7) may be greater than the figure in column (6),
considering receivable that can be inserted into the column (6) has a lifespan
that is shorter than those in column (7). Further, the figure in column (7) is
then transferred to details 601.
7.20 Details 204
For this details the following conditions apply:
• Categorized as AYD is a receivable with a maximum age of one (1) month.
• The figure in column (5) may be greater than the figure in column (4),
considering a bill that can be inserted into the column (4) has a lifespan bill is
shorter than the bill that can be inserted into the column (5). Furthermore, the
existing number in column (5) is then filled into the details of 601.
7.21 Details 205
For this details the following conditions apply:
• Which can be categorized as AYD is a bill with a maximum age of one (1)
month.
• The existing number in column (5) may be greater than the amount present in
column (4), considering receivable that can be inserted into the column (4)
has a lifespan that is shorter than those in column (5). Further, the figure in
column (5) is then transferred to details 601.
7.22 Details 206
For this details the following conditions apply:
• Loan in the current period shall be filled out for policy loan incurring in the
reporting period (new policy loan) by specifying the number of insurance
policies (details by policy only apply for non-APL policy loan)
• Details by policy only apply for quarterly report. For annual report, fill out
the total increase of policy loan in the reporting period
• The figure in column (6) is then transferred to detail 601.
7.2.3. Detail 207
For this details the following conditions apply:
• Column (2) is filled by specifying the city (DATI II) in which the building
with strata-title rights or land with building are located.
• The figure in column (3) is transferred to details 601
• Column (5) represents the difference between column (3) and the column (4)
for each unit.
• Line No. II (AYD) is less than or equal to 15% of SAK Own-Equity in the
current period.
7.24 Details 208
The columns on these details are filled in accordance with the information provided
in the format.
7.25 Details 209
The columns on these details are filled in accordance with the information provided
in the format.
7.26 Details 301
For this details the following conditions apply:
• For details of the creditor, the creditor’s to be detailed are those that have
claims to the company as much as 5% or more of the total claims payable.
Debtor that has claims of less than 5% of the total claims payable will be
categorized in "Other/Miscellaneous”.
• The figure in columns (7) is transferred to details 601.
7.27 Details 302
For this details the following conditions apply:
• For details of the creditor, the creditor’s to be detailed are those that have
claims to the company as much as 5% or more of the total coinsurance
payable. Debtor that has claims of less than 5% of the total coinsurance
payable will be categorized in "Other/Miscellaneous”.
• The figure in columns (5) is transferred to details 601.
7.28 Details 303
For this details the following conditions apply:
• For details of the creditor, the creditor’s to be detailed are those that have
claims to the company as much as 5% or more of the total reinsurance
payable. Debtor that has claims of less than 5% of the total reinsurance
payable will be categorized in "Other/Miscellaneous”.
• The figure in columns (5) is transferred to details 601.
7.29 Details 304
For this details the following conditions apply:
• For details of the creditor, the creditor’s to be detailed are those that have
claims to the company as much as 5% or more of the total commission
payable. Debtor that has claims of less than 5% of the total commission
payable will be categorized in "Other/Miscellaneous”.
• The figure in columns (4) is transferred to details 601.
7.30 Details 305
For this details the following conditions apply:
• Column (2) is filled with information of cost totalling of 5% or more of the
total costs accrued. Costs in the amount of less than 5% of the total costs
accrued would simply be categorized in the "Other/Miscellaneous".
7.30 Details 306
For this details the following conditions apply:
• Column (2) is filled with information debt totalling of 5% or more of the total
liabilities. Debt in the amount of less than 5% of the total liability would
simply be categorized in the "Other/Miscellaneous".
7.32 Details 401
The columns on these details are filled in accordance with the information
provided in the format.
7.33 Details 402
The columns on these details are filled in accordance with the information
provided in the format.
7.34 Details 403
The columns on these details are filled in accordance with the information
provided in the format.
7.35 Details 501
• These details are the details of the underwriting income as stated in the
Comprehensive Profit/Loss Statement, but in this case the underwriting
income is specified for new products and continued premium, both
individuals and groups, so that the total in line 18 column (12) will be equal
to the amount of underwriting income in Comprehensive Profit/Loss
Statement on page 2.
7.36 Details 502
• The investment yield in these details include the yields of investment already
realized (net investment yield) and unrealized (unrealized gain). But the
yields of these investments shall be filled out into the Comprehensive
Profit/Loss Statement that are adjusted with the prevailing PSAK (accounting
standards).
• Column (7) is filled as follows:
Example: General Insurance Company has corporate bonds with coupon
interest payment and valuation is based on market price. Thus, this type of
investment will provide yields that can be categorized into two, i.e. interest
(coupon) and gain due to rising market prices. Column (7) is filled with the
interest earned in the reporting period and the gain (Realized gains and
unrealized gain).
7.37 Details 503
For other income, the information specified shall be income in the amount of 5%
or more of the total other income. Income of less 5% of total other income would
be categorized as “Others/Miscellaneous”.
7.38 Details 504
In this details, each insurance branch shall be specified in terms of types of
payment of claims/benefits, such as: at the end of contract, single value, upon
death, etc.
7.39 Details 505
For details on yield (expense), information specified shall be the yield (expense) in
the amount of 5% or more of the total yield (expense). Yield (expense) of less than
5% of the total yield (expense) would be categorized as "Others/Miscellaneous".
7.40 Details 506
Columns in these details are filled in accordance with the information provided in
the format.
7.41 Details 601
• Definition of Current Assets and Current Liabilities are all assets and
liabilities of life insurance company which have a term of less than or equal
to one year from the date of reporting.
• The figure is then filled in into the Additional Financial Statement point 1a
and 1b (Liquidity Ratio).
III. ADDITIONAL FINANCIAL STATEMENT
1. Guarantee Fund Report
The Guarantee Fund Report intended use is to monitor company’s compliance in
fulfilling the minimum requirement of guarantee fund that serves as the last guarantee
for policyholders if the company is liquidated. In the report, details are provided for
the total amount of guarantee funds, deposit certificates, and calculation of the
minimum guarantee fund required.
The summary of guarantee fund, calculation of guarantee fund adequacy, and details
of guarantee fund closing position is filled out according to the format.
The amount of required paid-up capital that is used in the calculation of guarantee
funds is the amount of required paid-up capital when establishing the Life Insurance
business.
For Life Insurance Company, the basis to determine additional guarantee funds shall
be the net premium for all types of insurance products marketed by the company
2. Financial Soundness Ratio Other Than MMBR
This ratio is an additional ratio in calculating the company’s financial soundness level,
consisting of:
a. Liquidity ratio, to identify the company’s capacity to meet short-term financial
liability when due by using the available current assets.
b. Investment adequacy ratio, to measure the company’s capacity in paying potential
claims.
c. Match between investment yields and net premium income ratio, to compare
company asset originating from investment and net income from received
premium.
d. Claim expenses, business expenses, and commission ratio, to calculate the size of
the received revenue from premium after deducting expenses.
Details of the ratios are filled out according to the information provided in the formats.
3. Education and Training Ratio
For this detail, the followings apply:
I. Education and Training Cost § Column (2) is filled with the name of the education and training that are planned to
be held or have been budgeted.
§ Column (3) is filled with the budgeting of the education and training cost for one
year.
§ Column (4) is filled with the realization of education and training costs
cumulatively up to the reporting period.
II. Education and Training Ratio § Column (3) is filled with the budgeted cost for staff, directors, and commissioners
cost as well as the budgeted education and training cost for each users, namely
staff, directors, and commissioners, within the one year:
§ Column (4) is filled with the realized cost of the staff, directors, and
commissioners, as well as the realized cost of the education and training for each
users, namely staff, directors, and commissioners, that has been conducted up to the
period of report within the year.
4. Matching Assets and Liabilities
Matching assets and liabilities based on currency and maturity is required to
identify the difference between values of asset and liabilities in foreign currency,
as well as the fluctuation of foreign currency exchange to rupiah. The columns
in this detail are filled based on SAK value.
5. Details of Premium Income and Claim Expenses based on Distribution Channel
The columns in this detail are filled according to the information provided in the
format.
Stipulated in Jakarta
On 27 August 2013
CHIEF EXECUTIVE OF NON-
BANK FINANCIAL INDUSTRY
SUPERVISION OF
FINANCIAL SERVICES
AUTHORITY
Signed.
FIRDAUS DJAELANI
This copy conforms the original
Head of Legal Assistance Division of
Financial Services Authority,
Signed.
Mufli Asmawidjaja